If you want to copy your trades across multiple MT4 accounts or you only want to copy trades from your MT4 account to MT4 accounts of others the easiest and most reliable solution is to use an Expert Advisor.
It will save you time and more importantly, it will let you focus on the market price action rather than needing to open trades across multiple MT4 platforms manually. It’s like a multiterminal, but here you can control MT4 accounts of different brokers.
The main concept behind copy trading is that by using special software to mirror trading, it will allow you to automatically copy your trades from one MT4 account to another one. Simply put it you’ll be able to mimic the performance from one MT4 platform to another MT4 account. To exemplify this process, we’re going to use the Local Trade Copier which is a proprietary copy trading software created by Rimantas Petrauskas.
This guide will explain step-by-step how trades can be copied and also briefly cover the installation process of the Local Trade Copier for which you can find more details here: Easy Way to Open Same Trades on Many MT4 Accounts At Once.
For simplicity, we’re going to use the abbreviation LTC for the Local Trade Copier software. Simply follow this guide to complete the installation process of the LTC software, then after a short restart, the LTC will be available on your MT4 platform.
What is the Local Trade Copier?
The LTC is an expert advisor designed to work on the MT4 terminal. The LTC helps Forex traders and account manager to copy trades on multiple MT4 accounts that run on the same computer or even the same Virtual Private Server. It can be a great tool if you want to operate multiple MT4 accounts at the same time and have the same trades execute across multiple MT4 accounts.
Trade Copier Installation Process
Make sure you save the LTC EA somewhere handy. You can download and choose the right plan for the trade copier here.
After you have located the LTC Package folder on your PC, you’ll note that there two executable files.
Use the auto-installer “LTC Server auto-installer.exe” file to install the Server Expert Advisor in the MT4 account from where you will be doing all the trading operations. This MT4 account will be your Master account.
Then, use the auto-installer “LTC Client auto-installer.exe” file to install the Client Expert Advisor into all other MT4 instances where you want Local Trade Copier to copy the trades. These accounts will be Client accounts.
If you still need help with the LTC installation process, here’s a comprehensive video tutorial that you can follow: How to Install Trade Copier.
If you have successfully installed the Trade Copier EA on your MT4 terminals, you can now start copying trades between as many MT4 platforms you need.
Tip: To make the Trade Copier EA appear on your MT4 terminals you will have to do a REFRESH in the Navigator window or simply restart MT4 platforms.
MT4 Personal Trade Copier Setup
Step #1: Attach LTC EA to any Chart and Enable Expert Advisor on MT4 Terminal
Before you can start copying trades across multiple MT4 accounts, you want to make sure the LTC EA is running on all your Master and Client accounts.
The LTC EA can be located under the Expert Advisors drop down menu inside the Navigator window on your MT4 platform. To activate your EA, we’ll have to drag and drop the Expert Advisor on a price chart or simply do a right‐click on the LTC EA in the Navigator Window and select “Attach to a chart.”
Step #2: Enable Expert Advisor on MT4 Terminal and Live Trading
For the LTC EA to work, you have to turn On the Autotrading by clicking on the “AutoTrading” button in your MT4 toolbar.
Additionally, once you drag and drop your EA anywhere on your chart a box will pop‐up with some different tabs (About, Common, Inputs, Dependencies) across the top. Make sure that under the Common tab and Live Trading section you check the Allow Live Trading and Allow DLL imports boxes.
Do the same thing for all the Client EAs for all other MT4 instances where you want to copy your trades.
Step #3: How to Copy Your First Trade Using the LTC EA
To be able to copy your trades on multiple MT4 terminals, you have to use the Master trading account where you have installed LTC Server.
All pending orders and market orders executed will be copied on every MT4 instance where the LTC Client EA is enabled.
Once I place my buy limit order, it gets copied to client account immediately.
Once I close the trade on the master, or price reaches either the SL order or the TP order, it will be closed automatically on all MT4 terminals.
The LTC EA gives you full control over your copied trades.
You can delete pending orders from any Client account, and the order will be removed only from that MT4 terminal.
You can also close running trades before they reach the SL or TP level.
Another important feature of the LTC EA is that it allows you to set your profit target as a predetermined $ amount directly from your charts.
Step #4: LTC EA Risk Management Parameters
The trade copier app also allows controlling the position size of copied trades. It offers multiple risk parameters starting with the:
- Auto-allocation of a lots size according to account size differences;
- Using predetermined fixed lot size;
- Using a lot multiplier;
- Using a fixed percent equity risk;
- Using a fixed $ equity risk;
How to Copy Trades Using Different Risk Management Parameters
With the LTC EA, it’s possible to open the same trade on multiple MT4 platforms but using different risk parameters. Consider the example below where we have the following situation:
- Master Account: Buy EUR/USD 1 standard lot.
- Client Account 1 – Uses a predetermined fixed lot size equal to 3 lots.
- Client Account 2 – Uses a fixed percent equity risk equal to 2%.
You can use your imagination as there are various ways in which you can use the LTC EA and most likely it can accommodate all your trading needs regarding copying trades on multiple MT4 platforms.
In the example above, we’ve opened one standard lot long position in the EUR/USD currency pair.
By default, once a trade is executed in the Master Account the LTC EA will copy all the other orders (Stop Loss and Take Profit orders) associated with this trade. Of course, you can control how you want this to work, but in this guide, we do not cover customization of SL/TP on copied trades.
Copy trading or mirror trading is a simple and straightforward process that doesn’t need to be complicated, and you can do it between the same or different brokers. By applying this step by step tutorial on how to copy trades on multiple MT4 accounts, you can become yourself a sophisticated money manager.
Thank you for reading!